OFFERING MEMORANDUM Piazza Italia · 2019. 11. 16. · Piazza Italia is composed of Pasta Fresh a...
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KELLER WILLIAMS CHICAGO-O'HARE 8750 W. Bryn Mawr, Ste. 110E Chicago, IL 60631 MANNY REGALADO Commercial Broker 0: 312.730.2029 C: 312.730.2029 [email protected] IL #475.165475 PETER COTSIRILOS, CCIM Senior Director O: 630.253.4929 C: 630.253.4929 [email protected] IL #471.008387 - CA DRE #02078056 WILLIAM KANATAS Senior Director O: 847.852.3212 C: 708.310.5578 [email protected] IL #475-127023 Piazza Italia OFFERING MEMORANDUM PRESENTED BY: CHICAGO, IL OFFERING MEMORANDUM
Transcript of OFFERING MEMORANDUM Piazza Italia · 2019. 11. 16. · Piazza Italia is composed of Pasta Fresh a...
KELLER WILLIAMS CHICAGO-O'HARE8750 W. Bryn Mawr,Ste. 110EChicago, IL 60631 MANNY REGALADO
Commercial Broker0: 312.730.2029C: [email protected] #475.165475
PETER COTSIRILOS, CCIMSenior DirectorO: 630.253.4929C: [email protected] #471.008387 - CA DRE #02078056
WILLIAM KANATASSenior DirectorO: 847.852.3212C: [email protected] #475-127023
Piazza Italia
OFFERING MEMORANDUM
PRESENTED BY:
CHICAGO, IL
OFFERING MEMORANDUM
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KELLER WILLIAMS CHICAGO-O'HARE
8750 W. Bryn Mawr,
Ste. 110E
Chicago, IL 60631
Confidentiality & Disclaimer
MANNY REGALADOCommercial Broker0: 312.730.2029C: [email protected] #475.165475
PETER COTSIRILOS, CCIMSenior DirectorO: 630.253.4929C: [email protected] #471.008387 - CA DRE# #02078056
WILLIAM KANATASSenior DirectorO: 847.852.3212C: [email protected] #475-127023
All materials and information received or derived from Keller Williams Chicago-O'Hare its directors, officers, agents, advisors, affiliates and/or any thirdparty sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack ofcompliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all other matters.
Neither Keller Williams Chicago-O'Hare its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, asto accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether writtenor verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other mattersof significance to such party. Keller Williams Chicago-O'Hare will not investigate or verify any such matters or conduct due diligence for a party unlessotherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Keller WilliamsChicago-O'Hare makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions.Keller Williams Chicago-O'Hare does not serve as a financial advisor to any party regarding any proposed transaction.
All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Keller Williams Chicago-O'Hare in compliance with all applicable fair housing and equal opportunity laws.
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction. Each office independently owned and operated.
OFFERING MEMORANDUM
PRESENTED BY:
CHICAGO, IL
PROPERTY INFORMATION
1 | PROPERTY INFORMATION
EXECUTIVE SUMMARY
LOCATION DESCRIPTION
PROPERTY DETAILS
ADDITIONAL PHOTOS
ADDITIONAL PHOTOS
ADDITIONAL PHOTOS
ADDITIONAL PHOTOS
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OFFERING MEMORANDUM
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OFFERING SUMMARY
SALE PRICE: $2,995,000
BUSINESS Included In Price
LOT SIZE: 18,151 SF
YEAR BUILT: 1980
BUILDING SIZE: 16,833 SF
ZONING: B3-1
MARKET: Northwest Chicago
COMMERCIAL UNITS 3
RESIDENTIAL UNITS 4
PROPERTY OVERVIEWKW Commercial, as its sole agent, is pleased to exclusively offer an opportunity toacquire Piazza Italia, a multi-tenant mixed-use building in the Dunningneighborhood of Chicago, IL; one of the most desirable sections of northwestChicago. Piazza Italia is composed of Pasta Fresh a staple in the Italian Produceindustry in Chicago whose business is included in the price, Bartucci Restaurant,and Mia Bella Salon. As part of its mixed-use detail, it also includes four residentialunits. Piazza Italia is positioned on a 0.42 acre, heavily trafficked 24,000 VehiclesPer Day along Harlem Ave. The property is zoned B3-1.
LOCATION OVERVIEW• Mixed-Use Property
• 100% Stabilized
• Pasta Fresh Business Included In Price
• Three Long Standing Commercial Tenants & Four Residential Units
• 16,833 Vehicles Per Day Along Harlem Ave
• Built In 1980
• 18,151 Square Feet Lot Size
Executive Summary
PIAZZA ITALIA 1 | PROPERTY INFORMATION
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LOCATION OVERVIEW
Dunning is one of 77 officially designated community areas of thecity of Chicago, Illinois. Dunning also is a neighborhood located onthe Northwest Side of the city. The neighborhood is hometo Wilbur Wright College, Mount Olive Cemetery, and the Eli'sCheesecake factory.
Dunning currently borders the villages of HarwoodHeights, Norridge, River Grove, as well as Elmwood Park. Many ofthe neighborhood's residents are city workers, including policeofficers and firefighters. The area is close to the Harlem IrvingPlaza shopping center.
Outside the state facility, the population had grown to only 1,305by 1909. In 1916 the first housing boom occurred when SchorschBrothers Real Estate bought a tract west of Austin and south ofIrving Park. They called the area West Portage Park to remove thestigma of association with Dunning.
Following World War I the population rose to 4,019, with residentsprimarily of Swedish, German, and Polish descent. In 1934 WrightJunior College was built in the eastern portion. At its peak in 1970population reached 43,856 but fell to 36,957 by 1990. The StateHospital property stood in shambles and in the 1970s nearly halfthe buildings were razed. In that year, the Chicago-Read MentalHealth Center was established, incorporating the old hospitals.
Dunning moved toward a revival of institutional, commercial, andresidential growth in the 1980s and 1990s. The neighborhoods ofSchorsch Village, Belmont Heights, Belmont Terrace, and IrvingWoods became more desirable. On Narragansett, north of IrvingPark, Ridgemoor Estates boasted luxury homes near a golf club.New modern facilities were present at Chicago-Read MentalHealth Center. Wright Junior College expanded with futuristic-stylebuildings and a learning resource center at Narragansett andMontrose. By 2000 the population had grown again, to 42,164.One in 3 people in Dunning is of Polish descent — the highest rateof any ethnic group in any Chicago neighborhood, according to the2010 U.S. Census.
Location Description
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SALE PRICE $2,995,000
LOCATION INFORMATION
Building Name Piazza Italia
Street Address 3418-3432 N Harlem Ave.
City, State, Zip Chicago, IL 60634
County/Township Cook/Jefferson
Market Northwest Chicago
Submarket Belmont Heights
Cross Streets Harlem Ave. & Roscoe St.
Range 40N-12E-24
Section 40N-12E-24
Side Of Street West
Signal Intersection Yes
Road Type Paved
Market Type Large
Nearest Highway I-90/94, I-294
Nearest Airport Chicago O'Hare International Airport
BUILDING INFORMATION
Building Size 16,833 SF
Year Built 1980
Occupancy % 100%
Tenancy Multiple
Number Of Floors 2
Gross Leasable Area 16,833 SF
Load Factor Yes
PROPERTY DETAILS
Property Type Mixed-Use
Property Subtype Restaurant
Zoning B3-1
Lot Size 18,151 SF
APN# 12-24-415-031-0000,
12-24-415-012-0000
Submarket Belmont Heights
Lot Frontage 138
Lot Depth 131
Traffic Count 21,935
Traffic Count Street Harlem Ave.
Traffic Count Frontage 138
PARKING & TRANSPORTATION
Street Parking Yes
Parking Type Surface
Number Of Spaces 9
Property Details
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Additional Photos
PIAZZA ITALIA 1 | PROPERTY INFORMATION
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Additional Photos
PIAZZA ITALIA 1 | PROPERTY INFORMATION
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Additional Photos
PIAZZA ITALIA 1 | PROPERTY INFORMATION
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Additional Photos
PIAZZA ITALIA 1 | PROPERTY INFORMATION
LOCATION INFORMATION
2 | LOCATION INFORMATION
REGIONAL MAP
LOCATION MAPS
AERIAL MAP
2LOCATION INFORMATIONPIAZZA ITALIA
OFFERING MEMORANDUM
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Piazza Italia
Regional Map
PIAZZA ITALIA 2 | LOCATION INFORMATION
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Location Maps
PIAZZA ITALIA 2 | LOCATION INFORMATION
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Piazza Italia
Aerial Map
PIAZZA ITALIA 2 | LOCATION INFORMATION
DEMOGRAPHICS
3 | DEMOGRAPHICS
DEMOGRAPHICS MAP
3DEMOGRAPHICSPIAZZA ITALIA
OFFERING MEMORANDUM
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POPULATION 0.5 MILES 1 MILE 1.5 MILES
Total population 10,244 41,153 83,622
Median age 39.9 39.2 39.7
Median age (male) 37.6 37.1 37.5
Median age (Female) 41.5 41.0 42.0
HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES
Total households 3,705 14,755 30,308
# of persons per HH 2.8 2.8 2.8
Average HH income $68,079 $66,492 $66,176
Average house value $321,197 $313,333 $312,959
* Demographic data derived from 2010 US Census
Demographics Map
PIAZZA ITALIA 3 | DEMOGRAPHICS
